KEARNEY, NE -- (BUSINESS WIRE) -- The Buckle, Inc. (NYSE: BKE) announced today that net income for the fiscal quarter ended April 29, 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis).
Net sales for the 13-week fiscal quarter ended April 29, 2023 decreased 8.5 percent to $282.8 million from net sales of $309.1 million for the prior year 13-week fiscal quarter ended April 30, 2022. Comparable store net sales for the 13-week period ended April 29, 2023 decreased 9.2 percent from comparable store net sales for the prior year 13-week period ended April 30, 2022. Online sales decreased 5.6 percent to $51.3 million for the 13-week period ended April 29, 2023, compared to net sales of $54.3 million for the 13-week period ended April 30, 2022.
Net income for the first quarter of fiscal 2023 was $42.9 million, or $0.87 per share ($0.86 per share on a diluted basis), compared with net income of $55.3 million, or $1.12 per share ($1.12 per share on a diluted basis) for the first quarter of fiscal 2022.
Management will hold a live audio webcast at 10:00 a.m. EDT today to discuss results for the quarter. To register for the live event, please visit https://buckle.zoom.us/webinar/register/WN_F7hbXv9HRVeCsrGOANMJlw. A replay of the event can be accessed through Buckle’s investor relations website within twenty-four hours after the conclusion of the live event (https://corporate.buckle.com/investors/earnings-webcasts).
About Buckle
Offering a unique mix of high-quality, on-trend apparel, accessories, and footwear, Buckle caters to fashion-conscious young men and women. Known as a denim destination, each store carries a wide selection of fits, styles, and finishes from leading denim brands, including the Company’s exclusive brand, BKE. Headquartered in Kearney, Nebraska, Buckle currently operates 440 retail stores in 42 states. As of the end of the fiscal quarter, it operated 440 stores in 42 states compared with 439 stores in 42 states at the end of the first quarter of fiscal 2022.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: All forward-looking statements made by the Company involve material risks and uncertainties and are subject to change based on factors which may be beyond the Company’s control. Accordingly, the Company’s future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, those described in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.
Note: News releases and other information on The Buckle, Inc. can be accessed at www.buckle.com.
Financial Tables to Follow
THE BUCKLE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands Except Per Share Amounts)
(Unaudited)
Thirteen Weeks Ended
April 29, 2023
April 30, 2022
SALES, Net of returns and allowances
$
282,834
$
309,064
COST OF SALES (Including buying, distribution, and occupancy costs)
149,577
156,904
Gross profit
133,257
152,160
OPERATING EXPENSES:
Selling
66,102
67,246
General and administrative
13,425
11,855
79,527
79,101
INCOME FROM OPERATIONS
53,730
73,059
OTHER INCOME, Net
3,139
125
INCOME BEFORE INCOME TAXES
56,869
73,184
INCOME TAX EXPENSE
13,933
17,930
NET INCOME
$
42,936
$
55,254
EARNINGS PER SHARE:
Basic
$
0.87
$
1.12
Diluted
$
0.86
$
1.12
Basic weighted average shares
49,513
49,214
Diluted weighted average shares
49,861
49,528
THE BUCKLE, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands Except Share and Per Share Amounts)
(Unaudited)
ASSETS
April 29, 2023
January 28, 2023 (1)
April 30, 2022
CURRENT ASSETS:
Cash and cash equivalents
$
254,433
$
252,077
$
250,073
Short-term investments
23,066
20,997
12,895
Receivables
6,356
12,648
4,414
Inventory
137,735
125,134
121,166
Prepaid expenses and other assets
12,325
12,480
19,663
Total current assets
433,915
423,336
408,211
PROPERTY AND EQUIPMENT
471,152
466,321
457,179
Less accumulated depreciation and amortization
(355,091)
(353,919)
(353,891)
116,061
112,402
103,288
OPERATING LEASE RIGHT-OF-USE ASSETS
265,716
271,421
245,784
LONG-TERM INVESTMENTS
22,512
20,624
20,136
OTHER ASSETS
10,656
9,796
11,615
Total assets
$
848,860
$
837,579
$
789,034
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
57,774
$
44,835
$
61,246
Accrued employee compensation
17,942
55,490
23,095
Accrued store operating expenses
23,627
19,754
27,549
Gift certificates redeemable
14,325
16,777
13,611
Current portion of operating lease liabilities
84,619
89,187
84,565
Income taxes payable
8,517
—
13,647
Total current liabilities
206,804
226,043
223,713
DEFERRED COMPENSATION
22,512
20,624
20,136
NON-CURRENT OPERATING LEASE LIABILITIES
214,370
214,598
191,592
Total liabilities
443,686
461,265
435,441
COMMITMENTS
STOCKHOLDERS’ EQUITY:
Common stock, authorized 100,000,000 shares of $.01 par value; issued and outstanding; 50,456,196 shares at April 29, 2023, 50,092,616 shares at January 28, 2023, and 50,094,851 shares at April 30, 2022
